The Telegraph reports on the credit crisis in England: Financial crisis: hard-up consumers are selling jewellery for cash
Pawnbrokers make loans with goods as collateral, and mostly items are redeemed.
"Pawnbrokers are distinct from high street buy-back shops such as Cash Converters, where a customer will sell an item with the option to buy it back 28 days later. If the customer doesn't repurchase the item, it goes into the shop to be sold (items are not usually limited to gold and jewellery; they can be electrical goods, for example).
Pawnbrokers are regulated alongside banks and other lenders by the Consumer Credit Act 1974. Borrowing through a pawnbroker may not be suitable for everyone and high interest rates mean it is not a long-term solution, as they themselves acknowledge, but sometimes it can resolve short-term cash flow problems. "
Showing posts with label credit. Show all posts
Showing posts with label credit. Show all posts
Thursday, October 23, 2008
Tuesday, October 14, 2008
Peer to peer lending in the credit crunch
Alan Krueger, writing in the NY Times blog, notes that even borrowers with good credit are being moved by circumstance to some of the peer to peer lenders: In Credit Crisis, Some Turn to Online Peers for Cash
Sunday, September 21, 2008
Vacancy chains in Manhattan real estate
The NY Times reports that the current credit crunch means that real estate buyers in Manhattan, especially those who have to be approved by a co-op board, are often having to sell their previous home before they meet the credit requirements to buy. For Buyers, Many Roadblocks
Subscribe to:
Posts (Atom)